Appointing an executor is crucial when creating a will, as they will ensure your wishes are fulfilled. Besides this, executors have several duties to perform to ensure your estate plan protects your loved ones as you intended. For this reason, their work can be demanding, but you can make it more manageable.
Here is how you can do that.
Provide in-depth details
Your will should include in-depth details about subjects to eliminate the chances of misunderstandings. Avoid using language that is open to interpretation. An ambiguous will may lead to disputes, increasing the chances of it being contested.
Further, when listing assets, include details on their value, how the executor can locate them, the beneficiaries of each and more.
Organize your documents
Your executor will need your personal documents to perform their duties. These include your birth certificate, bank statements, marriage and/or divorce certificates, the will and so on. Thus, it will be best to organize and put them where your executor can easily find them. Having all of them in a folder may help.
Introduce your executor to professionals
Some of the executor’s responsibilities require understanding, including managing property before distribution, filing tax returns and paying creditors, among others. They should make the right call when performing these duties to preserve your estate competently.
Therefore, consider introducing them to professionals, such as financial advisers, attorneys and tax professionals. In most cases, you may already be working with some, so connecting them with your executor will be more effortless.
Your primary and alternate executors are an integral part of your estate plan. It’s vital to make work easier for them to avoid misunderstandings. Further, consider getting legal guidance to make informed decisions when creating your will.